The managers of the Town Ballroom in downtown Buffalo have purchased their building and property on Main Street and paid off a city loan, with the help of an independent concert promoter from Nantucket Island acting as an angel investor.

Shadigee Properties LLC, an entity registered to music promoter John Peters of Nantucket, off Cape Cod, Mass., paid $622,000 to purchase the property at 681 Main St. from MJG of Buffalo, according to Erie County Clerk records.

Peters, who owns MassConcerts and also has a home in London where he now lives full-time, is one of the partners in 681 Entertainment, which runs the Town Ballroom nightclub in the Theater District.

Formed in 1994, MassConcerts has promoted over 2,500 concerts throughout New England for more than 2 million people, including the Dave Matthews Band, Radiohead, Simon and Garfunkel, Bob Dylan, Prince, Metallica, Linkin Park, Green Day and the Black Eyed Peas.

The other partners in 681 Entertainment are Artie Kwitchoff, former manager of the Goo Goo Dolls and a former talent buyer for Clear Channel Communications until 2004, and Donny Kutzbach.

The latter duo already manage the club together and book the entertainment through their separate Funtime entity. Now, they’ll own their property as well, accomplishing a long-time goal with Peters’ help.

Kwitchoff and Kutzbach have been running Town Ballroom since 2005, when the previous owners, Joseph Guagliardo and Michael Slyder, decided to move to Florida and offered them the club. Guagliardo and Slyder still own and operate Club Marcella at 621 Main Street.

The current partners took over a loan Guagliardo and Slyder had with Buffalo Economic Renassiance Corp., with the intent of ultimately buying the property, but the former owners still held the deed and mortgage while Kwitchoff and Kutzbach made payments.

But when the Florida duo needed cash for a new business venture, Peters, a friend of Kwitchoff for almost 15 years, provided the cash for an outright buyout to complete the sale.

“We made a cash buyout to finish the sale of the building. We basically just accelerated the payments,” Kwitchoff said.