Trouble creating Mobile App Template

So I have gone through all the tutorials, created the ruble with the correct info and have everything in place for my app templates. I am able to select it from the list of templates but when I click the finish button I get

Creation Problems - internal error
 
Project creation failed.
Project template "Factory" not found at "/usr/local/lib/node_modules/alloy/templates/Factory"

Do I also have to place the template at that location? That does not seem to be in any of the tutorials and not sure where that location even is.

Here is a more detailed message from the log

!MESSAGE 
!STACK 1
org.eclipse.core.runtime.CoreException: [ERROR] Project creation failed. 
[ERROR] Project template "Factory" not found at "/usr/local/lib/node_modules/alloy/templates/Factory"
    at com.appcelerator.titanium.ui.wizard.BasicNewTitaniumProjectWizard.finalizeProjectCreation(BasicNewTitaniumProjectWizard.java:341)
    at com.appcelerator.titanium.ui.ide.wizard.NewMobileProjectWizard.finalizeProjectCreation(NewMobileProjectWizard.java:153)
    at com.appcelerator.titanium.ui.wizard.BasicNewTitaniumProjectWizard.createNewProject(BasicNewTitaniumProjectWizard.java:300)
    at com.aptana.projects.wizards.AbstractNewProjectWizard$1.run(AbstractNewProjectWizard.java:249)
    at org.eclipse.core.internal.resources.Workspace.run(Workspace.java:2345)
    at org.eclipse.core.internal.resources.Workspace.run(Workspace.java:2327)
    at com.aptana.projects.wizards.AbstractNewProjectWizard.doCreateProject(AbstractNewProjectWizard.java:321)
    at com.aptana.projects.wizards.AbstractNewProjectWizard$2.run(AbstractNewProjectWizard.java:374)
    at org.eclipse.jface.operation.ModalContext$ModalContextThread.run(ModalContext.java:121)
!SUBENTRY 2 com.aptana.core 4 1 2014-06-04 17:32:55.703
!MESSAGE [ERROR] Project creation failed. 
[ERROR] Project template "Factory" not found at "/usr/local/lib/node_modules/alloy/templates/Factory"

Thanks

Titanium Studio, build: 3.2.1.201402041146 Alloy 1.3.1