Grease bottom and sides of 9X13 baking dish. Place half of the bread pieces in the dish. Scatter the pieces of cream cheese over the bread. Scatter 1 cup of the berries over the cream cheese. Top with the remaining bread cubes. In a large bowl whisk together the eggs, milk, and syrup. Pour over the bread mixture. Cover and refrigerate overnight.
Remove from the refrigerator 30 minutes before baking. Preheat the oven to 350 degrees. Cover with foil and bake 30 minutes or more until puffed up.
Meanwhile, in a small saucepan, whisk together the water, sugar, and cornstarch. Bring to a boil over medium high heat or until thickened. Gently fold in the remaining 1 cup raspberries and butter and stir until butter melts.
Remove the French toast from the oven and serve immediately with the sauce.
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