In large mixer bowl, combine 2-1/2 cups flour, yeast, sugar, and salt; mix well. Heat milk, water, and butter until to 120 to 130 F (butter does not need to melt). Add to flour mixture. Add eggs. Blend at low speed until moistened; beat 3 minutes at medium speed. By hand, gradually stir in enough remaining flour to make a firm dough. Knead on floured surface until smooth and elastic, 5 to 8 minutes. Place dough in lightly oiled bowl and turn to grease top. Cover with a warm, damp kitchen towel. Place in a warm area of the kitchen to rise until dough doubles in size, about 1 hour.
Combine sugar and cinnamon; set aside. Punch down dough. Divide into 2 parts. On lightly floured surface, roll or pat each half to a 14 x 7-inch rectangle. Brush each rectangle with 1 TBSP 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 dough pressing firmly as the roll forms. Pinch edges and ends to seal. Place in greased 9 x 5-inch bread pans. Cover; let rise in warm place for 45 minutes-1 hour. Bake at 350 F for 40 to 45 minutes until golden brown. Remove from pans; cool.