In a large mixing bowl, stir together 1 tsp of the sugar, warm milk and yeast. Let stand until foamy, about 5 minutes.
Add the flour, remaining sugar, salt, condensed milk and butter. Use a wooden spoon for stirring.
Gradually sprinkle the reserved flour, a little at a time, to help with the stickiness. Keep strring until a soft, sticky dough gatheres in the center of the bowl. You may not need the entire reserved flour at this point.
Generously flour a working board using the remaining flour. Turn the dough out onto the board and knead for 6-10 minutes, dusting flour as needed.
Once smooth and elastic, shape it into a ball and place in a bowl. Cover and let rise for 1 1/2 hours.
For the Condensed Milk Filling
Stir together softened butter and condensed milk until it turns into a paste. it is important that the butter is very soft and the condenes milk is at room temperature.
Assemble the Loaf
Butter a 9 x 5 loaf pan. Punch the dough down and roll into a 12 x 8 rectangle.
Spread the milk filling across the surface and cut horizontally, with a pizza cutter, into 4 sections.
Stack the strips, filliing side up and then cut into 8 sections. Arrange these in the loaf pan, turned on their side. There will be extra space in the pan. Ok, the dough will still rise some.
Cover again and let rise for another hour.
Preheat the oven to 325 F. Top the dough with raisins, sliced almonds and marachino cherries. and bake for 20 minutes.
Reduce the oven temperature to 300 F and bake for 10 to 12 minutes more, until the bread is golden.
To serve, cut into slices, or leave on the pan for a “pull apart” loaf.
Recipe Notes
It seems like a lot of work, but is it ever worth it.