In stand mixer bowl, add 2 1/2 cups flour, yeast, sugar and salt; mix well. In saucepan or microwave-safe dish, heat milk, water and butter to 120-130°F (butter does not need to melt). Add to flour mixture. Using a paddle attachment, blend on low speed for 30 seconds. Add eggs; beat on medium speed for 3 minutes.
Switch to dough hook attachment. Gradually stir in enough remaining flour to make a firm dough. Knead until smooth and elastic, about 5 to 8 minutes.(NOTE: For hand mixing: following above steps, mix ingredients in large mixing bowl using a wooden spoon or dough whisk. Knead on floured surface until smooth and elastic.) Place dough in lightly oiled bowl and turn to grease top. Cover; let rise until indentation remains after poking dough with finger down to second knuckle, about 1 hour.
Prepare Filling: Combine sugar and cinnamon in a small bowl; set aside. Prepare pans: grease two 9x5-inch bread pans.
Punch down dough. Divide into 2 parts. On lightly floured surface, roll or pat each half to a 14x7-inch rectangle. On each dough, brush with 1 tablespoon melted butter to within 1 inch of edges; sprinkle half of cinnamon mixture and 1/2 cup raisins over buttered dough. Starting with shorter side, roll up tightly, pressing dough into roll with each turn. Pinch edges and ends to seal. Place in prepared pans. Cover; let rise in warm place until indentation remains after lightly touching side of loaf, about 45 minutes.
Preheat oven to 350°F.
Bake for 40 to 45 minutes until golden brown. Remove from pans; cool.