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Mix brown sugar, butter and 1 teaspoon of the cinnamon in 13x9-inch baking dish. Add apples and cranberries; stir to coat well. Spread evenly in bottom of baking dish. Arrange slices of bread on top.
Mix eggs, milk, vanilla and remaining 2 teaspoons cinnamon until well blended. Pour mixture over bread, soaking bread completely. Cover with foil. Refrigerate 4 hours or up to 24 hours.
Preheat oven to 375°F. Bake, covered, 45 minutes. Uncover and bake 5 minutes longer. Let stand 5 minutes before serving. For an eye-catching presentation, loosen edges with small knife. Invert onto large serving platter.