Warm 1 1/2 cups milk in a small saucepan over medium heat until bubbles appear, then remove from heat. Let cool until lukewarm.

Stir together warm water and yeast in a large bowl; let sit until frothy, about 5 minutes. Mix in raisins, eggs, 1/2 cup sugar, margarine, and salt until combined. Stir in cooled milk. Add flour gradually to make a stiff dough.

Remove dough to a lightly floured surface and knead for a few minutes. Transfer to a large, greased bowl and turn dough to grease the entire surface. Cover the bowl with a damp cloth and allow to rise until doubled, about 1 hour.

Grease three 9x5-inch loaf pans; set aside.

Punch down dough and transfer to a lightly floured surface. Roll dough into a large rectangle, about 1/2-inch thick. Moisten dough with 2 tablespoons milk. Mix together remaining 3/4 cup sugar and cinnamon in a small bowl; sprinkle over moistened dough. Roll up tightly into a log, about 3 inches in diameter.

Cut log into thirds; tuck under ends to form loaves. Place into the prepared loaf pans and lightly grease the tops. Cover and let rise again, about 1 hour.

Preheat the oven to 350 degrees F (175 degrees C).

Bake in the preheated oven until loaves are lightly browned and sound hollow when tapped, about 45 minutes. Remove loaves from the pans and brush with melted butter. Let cool on a wire rack before slicing.