<p>Heat oven to 350°F. Line 24 cups of standard muffin tins with paper or foil cupcake liners; set aside.</p>

<p>In bowl of standing mixer fitted with paddle attachment ( or in medium mixing bowl using hand mixer), beat together cake mix, 1 cup coconut milk, sour cream, vegetable oil, eggs and lime juice until well combined. Stir in ¾ cups shredded coconut.</p>

<p>Evenly divide batter among prepared muffin tins, filling each cup three-quarters full. Bake, rotating pan halfway through, until tops are firm to the touch and thin knife inserted in centers comes out clean, 20-23 minutes. Transfer tins to cooling racks; cool 10 minutes. Remove cupcakes from tins onto cooling racks; set aside until completely cooled.</p>

<p>Meanwhile, transfer remaining coconut milk to small saucepan over medium heat. Simmer until coconut milk thickens and reduces to ¼ cup, about 10 minutes; set aside until completely cool.</p>

<p>In bowl of standing mixer fitted with balloon whisk attachment (or in medium mixing bowl using hand mixer), beat together cooled coconut milk, butter, cream cheese and lime zest on medium-high speed until smooth and combined, about 2 minutes. Reduce speed to low. Gradually beat in confectioners’ sugar until completely incorporated, occasionally scraping down sides of bowl with spatula. Beat in vanilla extract. Increase speed to high; beat until light and fluffy, about 3 minutes more.</p>

<p>Using small, offset spatula, spread cooled cupcakes with frosting. Or, transfer to large zip-top bag; snip off comer of bag. Pipe frosting onto each cupcake, starting at edges and ending with peak in the center. Sprinkle with remaining shredded coconut.</p>