Blend the Base: Combine cold water, lime wedges, and granulated sugar in a blender. Blend on high for 30-45 seconds.

Strain the Mixture: Use a fine mesh strainer to strain the blended mixture into a bowl, pressing lightly to extract juice.

Rinse and Blend Again: Rinse the blender, return lime juice to it, add sweetened condensed milk, and blend until smooth.

Serve Over Ice: Fill glasses with ice and pour the creamy lemonade mixture over the ice.

Garnish and Enjoy: Garnish each glass with a slice of lime and serve immediately.