Bring a large pot of lightly salted water to a boil. Cook the bow-tie pasta at a boil, stirring occasionally, until cooked through yet firm to the bite, about 12 minutes; drain and transfer to a serving bowl.
Heat olive oil and butter together in a large frying pan; cook and stir mushrooms, onions, and garlic in the oil-butter mixture until mushrooms are tender, 5 to 10 minutes.
Stir cream cheese, white wine, tomato paste, lemon juice, cornstarch, beef bouillon, parsley, seasoned salt, and paprika together in a bowl; add steak. Pour cream cheese mixture into frying pan with mushroom mixture; cook and gently stir mixture over low heat just until sauce is warmed and smooth, 5 to 10 minutes. Add enough milk to reach desired consistency.
Pour sauce over pasta and toss to coat. Season with black pepper.