In a large nonstick pan melt about 3 tablespoons of butter over medium heat. Add onion and mushrooms and saute until tender. Add garlic then basil, season with salt and pepper. Cook for an additional few more minutes, set aside.
Add remaining 2 tablespoons of butter to the same pan, when melted add rice and stir for few minutes until rice becomes to look translucent and making sure not to burn the rice.
Follow with white wine, lemon juice and bring to a simmer, stirring constantly until liquid is absorbed.
Add vegetable stock bit by bit, ¾ cup at a time. Stir constantly until almost all stock is absorbed. Continue adding stock ¾- to a full cup at a time, repeating the process until all liquid is absorbed. Be patient, this is the longest step (20-25 minutes).
When rice is cooked, return the mushroom mixture to the pan and stir to combine. Slowly stir in cream and parmesan cheese. Cook for another 3-5 minutes on low heat.
Transfer to serving plates and top with parmesan cheese, parsley. Serve warm.