Loop- excerpt only output for last post.

So it seems the excerpt is only being output for the last post.

any help would be great!

Here’s the code i’m working with.

<?php
		$args = array( 'post_type' => 'ait-item',
		               'meta_query' => array(
					        array(
					            'key' => 'location',
					            'value' => 'annapolis'
					        ),
					        array(
					            'key' => 'item_tags',
					            'value' => 'Non-Marine',
								'compare' => 'NOT LIKE',
					        )
					    ),
					   	'orderby' => 'title',
						'order' => 'ASC',
		               'posts_per_page' => 300 );
		$loop = new WP_Query( $args );
		while ( $loop->have_posts() ) : $loop->the_post();
			the_title('<h3><a href="' . get_permalink() . '" title="' . the_title_attribute( 'echo=0' ) . '" rel="bookmark">', '</a></h3>') ;
			echo '<div class="entry-content">';
                        the_excerpt();
			echo '</div>';
		endwhile;
	?>

Thanks!

Cory-