Combine the milk and water in a large saucepan or 2 cup measure and heat, either over stove or in microwave, until simmering. Let cool to about 130 degrees F.
In the bowl of a stand mixer, thoroughly stir together the yeast, flour, sugar and salt.
Add the milk/water mixture, butter and vanilla. Stir well, then attach dough hook and let the machine knead mixture until smooth and elastic.
Stir in the raisins. You will add the cinnamon after the first rise, so keep it handy.
Put the dough in an oily bowl and allow it to rise, covered, for about an hour.
Sprinkle cinnamon over the top of the risen dough, then punch down dough and knead in the cinnamon.
Shape into a brick and put the loaf in a loaf pan (8 ½ by 4 ½ or 9x5). Allow the dough to rise again (about 45 minutes).
Bake in a preheated 375 degree oven for about 40 to 45 minutes. Let cool in pan for about 20 minutes, then remove and let cool completely.