UPDATE 1-REIT American Mortgage files for bankruptcy

NEW YORK, April 26 (Reuters) - Real estate investment trust American Mortgage Acceptance Co AMOA.PK filed for Chapter 11 bankruptcy protection on Monday, blaming a sharp drop in property values.

The company, which invests in multifamily and commercial property mortgage loans, said in court documents it had assets of about $6.4 million and liabilities of about $120 million, according to court documents.

In 2007, the company had owned assets worth $666.4 million.

The largest remaining creditors include Taberna Preferred Funding I Ltd, which is owed about $25 million, and C-III Capital Partners LLC, which is owed about $93 million, the company said in court documents.

The case is In re American Mortgage Acceptance Co, US Bankruptcy Court, Southern District of New York, No.10-12196 . (Reporting by Chelsea Emery, editing by Gerald E. McCormick)