The mind is its own place, and in itself can make a heaven of hell, a hell of heaven. - John Milton, "Paradise Lost"
In the above quotation, how should I understand the 'make a heaven of hell'? Is it 'make A of B', 'make A (out) of B', or 'of hell' is used as adjective or something? Grammatically, it is not clear to me how to interpret the structure of the sentence.
And can I take the subject of 'can' as 'the mind' and is omitted?